This type of partnership is a totally new type of beast for me, so what questions should I be asking?

Willing to wait and see where the market goes but frustrated for loosing time idling.I will probably get a turnkey as my first rental just to get my feet wet slowing.Good lucky and let me know if you see any good opportunity or if you have some sort of partnership in mind.Mauricio

As interest rates decrease, this is likely not to happen.But what if interest rates jump to 8%+, they may have an incentive to get rid of the 4% interest they gave you.Regarding LLC's with 4 partners - be mindful that you need to file a partnership return.Partnership returns are due March 15(Calendar year partnership).The partnership will give each partner a K-1 which is then used to file their own tax return.Another thing to be mindful of is if you will get the asset protection you are looking for if the property is in the LLC but loans are in the partner names.

Is this for a partnership? 

Given our goal is to maintain our partnership and profit together as we take on more projects, any insight on our approach or direction to get started would be great.

If you are creating a customized partnership, you might be headed in the right direction to make sure everyone knows their split and role.

If you decide to enter into a partnership make sure you have a contract that outlines the terms and conditions in detail.

For argument's sake, let's say you need $20K worth of rehab4) Open a bank account for managing this property, and put about $10K in there for emergency repairs5) Split the leftover funds with your dad and lease out the propertyOf course, before you start any of this you need to hammer out a partnership agreement with your dad so that everyone is on the same page and knows exactly how things are going to work.  

If you need to raise capital and/or create partnerships, it becomes a bit more challenging and I would suggest linking up with a mentor.

Disregarded entity, partnership, S Corp, C Corp?